Jersey City inched closer to becoming a bustling destination for visitors, tourists and businesses this morning with the groundbreaking of a $90 million, 13-story Hyatt hotel near the city's waterfront.

"In our 28-year experience, we have never undertaken a project as exciting as the one we're undertaking here today," said Mark Laport, the president and CEO of Concord Hospitality, a hotel management company working with Hyatt to develop the 258-room hotel at 1 Exchange Place.

In his address at the ceremony, Jersey City Mayor Steve Fulop said the hotel -- an extended-stay "Hyatt House" -- will add restaurants and other retail stores to an area of the city that, in hindsight, wasn't planned with enough retail options.

The hotel, which could open as early as December 2015, will feature 10,000 square feet of street-level retail space, a rooftop, outdoor lounge, and an upper-level lobby. Using public transportation, the World Trade Center in Lower Manhanttan will only be a 12-minute ride away.

The 92-year-old building currently at the site formerly housed the First National Bank of Jersey City, the first bank ever built in the state. The structure will be renovated and expanded as part of the project. Nearby abandoned structures will be demolished to make way for a 10,000 square foot addition.

After addressing a small crowd this morning, city officials and developers signed an 800-pound support beam that will become part of the hotel's foundation. Fulop wrote a message along with his signature: "We are excited and thankful for investing in JC + creating jobs!"

The project, which will be the city's sixth hotel and second Hyatt property, will generate 350 construction jobs, 80 permanent and 60 part-time hotel jobs. The hotel will rake in $1.6 million in annual revenue for the city, according to a press release.

"The development of this hotel is an industry indicator of business and tourism growth, and as Jersey City continues to grow and thrive economically, we are excited to add to the momentum by introducing the first Hyatt House hotel to the city," said B. Anthony Isaac, head of select service strategy and development for Hyatt.

City councilwoman at large Joyce Watterman, Ward F councilwoman Diane Coleman, county freeholders Bill O'Dea and Anthony Romano and about 50 other dignitaries attended the catered event, which featured live music, food and TV screens with renderings of the completed hotel.